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enacted by congress to frighten itself into passing deficit reduction measures which means unless congress acts in the next 48 hours the bush tax cuts will expire along with federal unemployment insurance and a broad package of the spending cuts including defense spending will take effect. do weeks of fruitless negotiations and john boehner and senate leader are working on a deal this morning to avoid the fiscal cliff, or as chris hayes and i call it, the fiscal curve. the deadline is soft. it's not like every american is going to be handed a bill on january 1st and there's way to manage the damage if the country goes over. the senate is set to convene this afternoon with the house to follow tonight. there's a chance that a compromise will be reached, less than 48 hours before tax rates revert to their clinton dasher are levels and board across the board spending cuts talk effect. when the president took to the podium friday afternoon to urge the law enforcements to get their act together with he didn't exactly project confidence. >> this is deja vu all over again. america wonders why it i
to do with the money, what do i say? >> well, what you say is that this is added to make up the deficit that everyone has been discussing. >> chris: so not new spending. goes for deficit reduction. >> not new spending. you get down to another thing which was a very bad idea and sequester and whether that goes into effect or not. that is the 800-pound gorilla. >> chris: let me ask you about that. i enjoyed your brief stand as host of fox news. >> i thought it was a good question. >> chris: it was a good question, too. all washington has been talking about has been the tax side of the cliff. let's talk about the spending slide of the cliff. there is still as part of the cliff $110 billion sequester, automatic cuts. defense cuts. domestic cuts. what is going to happen to that? are they going to address that? >> i was called by leon panetta last night at 7:30 during dinner. >> chris: secretary of defense. >> and he said i was told there will not be anything in the deal to avoid se sequestration from going into effect. half of the 1.2 falls on defense. we already cut $489 billion. he says if
half a trillion dollars a year, $5 trillion over ten years worth of deficit. that's because while we grew the -- under bush the taxes revenue went up 25%, and spending went up 100% in the last 12 years. if you put back the revenue from the higher taxes, you still have a deficit. that's what we're trying to change. >> we kind of are where we are, and no one is talking about spending cuts. they're talking about keeps taxes low, which everybody agrees. let me ask a specific question first to the democrats here. if they came out with with a deal that said, all right, we will keep tax rates for those making $400,000 or less, would you vote for na? >> candy, i'm willing to come to the middle. i think we've got to all be willing to come to the middle. >> that's a yes? >> i want to say something else very important, and that is for two years now we have only been focusing on spending cuts. in the last two years we've put in place $1.6 trillion in spending cuts. we have put in place spending reductions under medicare of over 700 billion by cutting overpayments to insurance companies and so on
years of the obama administration, on the budget, on deficit, on tax cuts years ago. they came together before christmas. it's hard to see how this works out at this point, to tell you the truth. there is a conference call at 2:30 among house republicans trying to decide what to do. we expect the leadership to let the rank and file know what their plans are. the speaker is not in washington. we understand he is in ohio of his home state. the president has landed here back at the white house in washington. it's unclear exactly where they go from here. essentially what john boehner is saying, you go first, harry reid. harry reid is trying to jam mitch mcconnell into allowing this vote to go forward without the 60-vote threshold, something that's necessary for virtually every vote here in the senate and mitch mcconnell says it's time for president obama to lead. the threshold question is, can something pass the house of representatives? can john boehner put something on the floor that needs the majority of democrat support that will not get republican support and none to speak of that woul
that republicans believe it should be about. it ought to be reducing the deficit and debt. >> senator mcconnell has spoken a couple times with the president and two of them have come up bipartisan deals to get through congress. >> those conversations and discussions continue. we remain hopeful that that will have a breakthrough. obviously what happened between the two leaders in the senate have broken down because the senate democrats fail to come forward with a counteroffer to the proposal that republicans made last night. hopefully the discussions between senators and mcconnell will be something we can vote on today or tomorrow that would add veteran what we believe would be an economic disaster. >> will you take a scaled down version, raising taxes on everybody, do you think your republican colleagues that enough republicans will opt over on the democratic side if needed? >> it's hard to say until we know exactly what might be in it. this is what i would say about it. if that is where we ends up. if we decides to move a bill on the floor and extension and put it on vehicle for that, he ought to
, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax
and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle. thanks for joining me. good morning. >> mire pleasure. >> we were saying a lack of urgency in wash
to our deficit in this country is rising health care costs. do we need to tangle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work for an agreement? >> absolutely. absolutely. once you know, once the boehner plan "b" collapsed, all we got was a notification, you can go home. we'll call you when we're ready. boehner's got to get off -- the majority of the majority must agree to something. it's going to take democratic votes to pass a tough fiscal compromise and unless there is inclusion and discussion on both sides of the aisle about this issue, that compromise gets tougher and tougher. >> thank you for coming "outfront." >> appreciate it. thank you. >> now, on the other side of the aisle. republican congressman of wisconsin. congressman, you just heard your arizona colleague say you a
hope they never come to a deal because this is the best deficit reduction package the democrats are ever going to get. but let's look at what really is going to happen here. i would be more surprised if they came to a deal in the next five days than i was by the roberts vote on obama care. there's no way these guys are going to come to a deal, and the reason is this. the president has got the upper hand, and his most important partner is the weakest person in this, which is john boehner. john boehner is on the verge of losing credibility with his caucus. he can't take a deal to his caucus that will pass without the help of nancy pelosi, which will pull the entire deal to the left. so what they have to do is they have to go over the cliff. we're just talking about politics, we're not talking about finances here. they have to go over the cliff. that strengthens boehner's hands because now everybody is paying a hell of a lot more taxes and people are blaming the republicans, and now boehner can go to the caucus and maybe get 200 and a few votes and then with nancy pelosi pick off a
, we, republican are not trying to solve the fiscal cliff. we're trying to solve the debt and deficit. can you explain that? >> sure can. yeah, the white house has been very focused on what do we have to do to just get past the fiscal cliff. let's get over this bump and keep spend and keep going. in the house we're actually trying to solve the debt and deficit. let me illustrate this. we have a trillion dollars in deficit spending last four years. president says let's go back to the clinton levels of taxation. if we went back to the clinton levels of taxation we're still double the highest bush era of deficit spending still because spending was accelerated so much in 2009 and 2010. we're trying to bring the spending levels back down. on the contrary if we just brought the spending levels down to the clinton level spending instead of tax level going up to clinton level of tax it is would solve this. we're trying to solve the debt and deficit. we're trying to say how do we get out of debt. the president is saying let's get past the fiscal cliff and let's keep moving on. that doesn't sol
,000 and families making over 250, it only plugs about 8% of the deficit problem over the next ten years, we have a $1.3 trillion deficit for 2012. it's going to be about a trillion through 2013. we're borrowing 35 cents on the dollar. the enormous problem is interest rates are way below normal, so when they spike, the government is borrowing very short term to keep its costs down. the deficit is going to swamp the economy. and at that point you're going to have the debt crisis, and you're going to need a whole new stream of revenues. the only thing that paul krugman and paul ryan agree on, only a value added tax will solve this problem. by raising marginal tax rates to get us out of this potential crisis. so we need very, very steep spending cuts, all of the emphasis and debate has been over marginal tax rates which are really a minor part of the solution, no matter what political strife you happen to be. have you to realize that tremendous spending cuts are necessary and already -- any changes to social security have been ruled out in a short term solution, and it's going to be very difficult.
. >> they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> all of the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight this the president is determined to win off his election? >> it's not symbolic. there will be money raised if the taxes are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table an extraordinary amount of spending cuts to the chagrin of many democrats i might add. are they to the ext
deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i might add. are they to the extent the grand bargain was several months ago last
, if we want to make a dent in the deficit. i mean this is the choice that is going to be in front of us. if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and
house released includes this paragraph. seek a bald approach for bringing down the deficit with $3 in cuts for every one dollars in tax reform that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the $2.4 trillion in it cuts and he has not been willing to do that. so the last ditch effort the hail hary pass was the house of representatives saying fine let's take nancy pelosi and chuck schumer's bill that they proposed thi summer to extend the tax rates on every household and every small business a million dollars and below, allow them to go up on the million dollars and above which is the current law on january 1, let's do that. that ought to be something
question, if i may, what kind of deficit reduction would this tax be able to provide for the people of france, if you incur 75% tax because you just happen to be a multi-millionaire? >> the thing about france is we're not the united states. we don't have that many multi-millionaires. it was actually really only going to affect 1500 people across the country. so it wasn't going to be very much. it was probably, if you're lucky, at best, $1 million. >> kelly: katherine field, thank you so much for joining us via phone and telling us about the deal in france. thank you. >> heather: back at home, hundreds of firefighters from across the u.s. and canada heading to western new york for second day for the wake and funeral services for these two fallen heros. the two volunteer firefighters were killed in a christmas eve ambush when they responded to a house fire and they were gunned down by 62-year-old william spangler. police also arresting 24-year-old dawn nguyen for illegally purchasing the gun that spangler used in that rampage. now the community of webster is stepping up to make sure t
the groundwork for future cooperation on more economic growth and deficit reduction. >> and just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face to face-closed-door meeting at the white housed to between all the key players. the president, the vice president, the treasury secretary, and all four congressional leaders. huddled together with just four days to go before we all go over the fiscal cliff. that meeting lasted for an hour and five minutes. now on a story where every second and every maneuver counts let's get right to chief white house correspondent increase ka yellin. the president says he's modestly optimistic but he also presented a backup plan. does the president really think it will come to that? >> at this point, no. they don't. because the white house is hopeful, first of all, that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that possibility. but as for the backup plan, there's no real likelihood that would ever come to
to pay a little bit more to reduce our deficit, and that's what's been going on for the last six months. that's what the conversation in the election was all about, but here we are. >> can you walk us through this? you said the chain cpi. i was told it was off the table. is it still on the table? >> earlier today i would have said the odds of an agreement was very low because mitch mcconnell, the republican leader, had put that into the talks. that apparently is no longer part of it. >> walk us through this, what's happening right now. are we at 250 or 400? what are we doing with unemployment? what's going on? >> well, again, there's -- no one has agreed to any particular threshold, whether it's 250, whether it's 400. unemployment insurance is something that is the an absolute requirement. the president has said and i totally agree that it's important that folks who are out of work through no fault of their own continue to get help. it's not just good for their families but the whole neighborhood and the local economy. one of the big issues in the senate has been a republican demand to
important to step back and see the fact that we have already -- there are three parts of this deficit reduction stool. we've already in the past two years passed $1.6 trillion in spending cuts. we've passed over $700 billion in savings in medicare through reforms like cutting back on overpayments to insurance companies. the one piece of this puzzle that we've not been able to get any support for is making sure that the wealthiest among us help solve this problem by being willing to pay a little bit more to be part of the solution. so we have sent a bill to the house back in july, bipartisan bill that says what -- everybody says they don't want middle-class families to have their taxes go up, well, fine. why don't we start with something we can agree on, which is that? and just pass that. why doesn't the house just pass that? but as we know, the speaker couldn't even pass his own plan to say that up to a million dollars was exempt from tax cuts. so what they're doing is holding middle-class families hostage right now, trying to find some maneuver where the wealthiest people continue to
, we are still looking at trillion dollar deficits every year. and the reality is that the house has already sent would measures on to the senate. one addressed the continuing bush era tax rates and the other that would erase the military spending. those are in the hands of the senate. they can act on those right now. we can put this thing to rest. we will wait and see what happens in this meeting and hopefully we will come to some kind of agreement to avoid this cliff. >> what do you think the best thing to come out of this meeting? >> i think that speaker boehner and the president walk out and be able to announce they have a team in next three days that will have an outline in which -- alice just mentioned the details will be hammered out in the first would weeks in january. we have that amount of time to stop the fiscal cliff. if we go over the fiscal cliff $700 billion of spending will be taken out of our economy. we have to change the scale of that fiscal cliff to a slight gradual bunny slope. so that our economy won't be zero next year. that is in a recession which will occur i
doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, virtually everybody's income taxes will go up. and even if the income tax cuts are extended virtually all workers are due to see less in their paychecks, starting in january, when the temporary 2% payroll tax cut is set to expire. and don't assume there will be a mini-deal, a democratic source close to the meetings going on tonight, says, quote, the prospects are not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. of course, this waiting game is already affecting americans' 401(k)s. the stock market, five straight day of losses. let's bring in bianna golodryga. bianna, great to see you. if these lawmakers thought that waiting to the 11th hour wouldn't have an effect, look no further than the stock market. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, these aren't just money we're talking about, it's real money.
or address the long-term deficit crisis. if they fail to pass a mini-deal, almost everyone's income taxes will go up. even if the income taxes are extended virtually all workers are due to see less in their paycheck as the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real money. lost 3,000, $4,000. december is traditionally a good month for the markets. >> and for home sales. here's what the president had to say about that. >> america wonder why it is, in this town for some reason, you can't get stuff done in an organized timetable. why everything has to wait until the last minute. we're now at the last minute. the economy is growing. the housing market is recovering.
cut the deficit budget. the court took issue with not with the tax, but taxing household equally. and for the latest headlines log onto foxnews.com. you're watching the most powerful name in news, fox news channel. >> paul: welcome back to this special he edition, journal he had t.editorial report. and this year continued high unemployment and slow economic growth. what can we expect in 2013? we're back with dan henninger, mary anastasia o'grady and dan moore. mary explain the slow growth and the markets. >> if respect to the markets, i would say if you look at a chart for, for example, the s&p 500, you go back to april of 2011 to october of 2012. you're basically flat. there's a lot of churning up and down, but in the last months a pickup there and certainly, from the end of -- from the beginning of this year we saw a run on the market, but you don't have a great return if you're a long-term investor. >> paul: right, so, okay, if growth is still slow, okay, why are-- and some people are still investing in companies and the corporate balance sheets earnings have been pretty good,
? >> there area i variety of different things and the obvious one is we're running a national deficit at a scale that's unsustainable. when it's over $1 trillion like it's been for the last three years that will create some situations where just crisis emerged. that's the first part. the second part is the economy and not pointing fingers at anybody, but the economy is not back on track. there's still a significant level of unemployment and the amount of people who are actually participating and the workforce is down, so you have all of the economic components of this constant situation of where there are these constant fiscal problems. having said that, one of the things that you're seeing in this particular debate and why i'm feeling better about this particular exchange is the sense that, look, when the policy outcome becomes greater than the political payoff, that's when you see bipartisan ship begin to emerge and i think what you're seeing from both sides is the policy outcome is becoming more important and you'll see it program that we'll move in that direction from the fiscal clef to the
has to be matched with real action, spending cuts and other ways to reduce the deficit, that is exactly the fight we are fashion. he doesn't want to have that. republicans are dying to get into that. >> reporter: do you think the president for political reasons wants to go over the cliff? barrasso said so. look, there are a bunch of others who think so. >> there are certainly some on the left who also, just like conservatives, there are some on the left that do. i don't think the president does. part of the reason, just like i don't believe john boehner actually does the house speaker. there is this group in the middle, first of all they are not sure where the political blame would lie. it could end up on them and they want want to have that happen. second of all these are deal mayors. they came to washington to get deals done. and they see the result, the goal as a deal to get past this rather than looking at the numbers. the folks on each side eve are looking at the numbers and they say the deficit would be in better shape and the economy in the long run is in better
social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight wviolence against women. >> make the cut. >> who picked the list? >> we all did it. >> up next, a rust belt bright spot in 2013. we're going to take you there, next. and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ mal
on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point, here's what the president intends to do. senators reid and mcconnell will try to come to a deal. if they fail, the white house and harry reid are going to try to jam through a bill that increases taxes on rich people and extends unemployment insurance, which are the two key democratic priorities. they'll pretty much dare republicans to block it. and republicans probably won't be able to, at least not for long. here's johnny isaacson, a republican senator from georgia, over the weekend. >> if we get down to the end of this year, and the only choice we have is to save taxes going up on the middle class, then i would support that. >> last weekend, "the wall street journal" h
that would have addressed tax reform as well as deficit reduction. those talks, of course, fell apart. house speaker john boehner tried to get an alternative plan through the house. that didn't work out. now the focus shifts to the senate. senate majority leader harry reid, minority leader mitch mcconnell will have to try to hammer out some sort of a compromise to avoid going over the cliff, but as you pointed out in your introduction, a lot of senators over the weekend expressed concern that, in fact, we will go over the fiscal cliff. of course, if is that happens, the economy could eventually slip back into recession. one interesting point, thomas, though, last time that members of congress worked between christmas and new year's was 1996. that was during the government shutdown. this is really a rare occurrence for members of congress to have to come back and work out legislation that they went able to get done before the christmas holiday. >> the president is supposed to stay there for how long? >> well, of course, the white house not really giving us specifics about the president's trav
deficit a la what happened in the '90s. i don't think you should look at this issue in a way to be able to make money off it, though. it's really not a needle mover. as a matter of fact, it can be negative for a lot of the defense companies as we know. they've been under a cloud because of these cuts. here's one from danny in new york. hi, jim. i've heard you say when considering playing the down side of an equity that you would short the stock rather than buy a put. please elaborate on your reasoning for this. i favor the high risk of a short position. i'm so glad you sent me this because if i've created any misperception that i favor shorting stocks, it is completely out of character with all my books and what i used to do at my hedge fund or before my hedge fund when i used to work for people at goldman sachs or when i was trading for myself. i always do puts, i rarely do shorts because as i write in "confessions of a street addict" i was the victim of a some bad short squeezes that lost me a ton of money. let's goat to some tweets. here's one from bkelly 019 @jim cramer, covered cal
family would pay 2,000 to $4,000 more in taxes next year. but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any idea of what could happen to the economy or stock market as a result of congressional inactivity? >> well, yeah. the cb. off and many private economists say that the $600 billion in fiscal tighting, as you say would push the economy into recession next year and send the unemmoment rate to back above 9%. a survey of investment managers found 60% of the them see a drop in the dow industrials of 10% or more if the cliff is not avoided. kelly? kelly: boy, that is very ominous. peter, thank you. hopefully something can be done. peter barnes.
that he is very interested in deficit reduction and very interested in serious spending cuts. none of whichever materialize. but the class warfare rhetoric is always still there. he is always interested in raising taxes to feed his ever-growing and every ravenous beast of the government. here we are again. when i talk about this is no way to run a superpower, what i mean by that, every single time we get to the press miss and every single time our leaders wait until the exact last minute, i mean one thing to wait for it the last minute to buy christmas gifts for tomorrow. i see plenty of people running around new york city trying to buy gifts. another thing for the president and congress to wait until the last minute on fiscal issues that affect every american, gregg and our long-term fiscal health. gregg: are you saying the president is disingenuous and duplicitous which would be novel in politics? >> and certainly in washington, d.c.. all we have to go on is the president's pattern of behavior. over the last four years it has been the same drill every single time. the republicans
. the tax would have made the rich contribute a whole lot more to cutting public deficit. >> arthel: here at home as senator leaders work behind closed doors to cut an 11th hour deal to avoid the fiscal cliff, we got a glimpse of optimism on the senate floor on friday from majority leader harry reid and minority leader mitch mcconnell following their white house meeting with president obama. here it is. >> everyone knows we've been to the white house. we've had a constructive meeting. we certainly hope that something will positive will come from that. >> i share the view of the majority leader. we had a good meeting at the white house. we are engaged in discussions, the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. >> arthel: so is a fiscal deal more likely now than it was before congress left for christmas break? let's have a meeting of the minds. outreach director for freedom works, author of "backlash" and fox news cont
't that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says, you got to start somewhere. especially when washington won't. the partisan bickering has bothered him since -- >> 1992. >> reporter: that's when garcia first wrote his congressman, suggesting a formula to eliminate the death. the depression era kid and army veteran says he's giving back to a country that's given him so much. a sense that's infectious. his daughter is now collecting cabs at work. his grandson drives garcia to friends' houses, just to collect more cans. garcia knows that his monthly money orders won't avert the fiscal cliff, but his priest says that's not the message garcia's sending to congress. >> in order to really solve the $16 trillion national debt, you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american has decided that road has to end, and it might as well be here. so if you want to be, like his granddaughter says, be like grandpa, you can google the
that getting the debt and deficit under control is in the interests of younger generations so they are not saddled with debt solely for our current consumption. but how we get there matters an awful lot. if you raise taxes on people at the top, that affects people mostly in their peak earning year, late 40s to their late 50s. if you focus the spending cuts on discretionary spending which is what we've done so far, you squeeze investment thes in the next generation. education, infrastructure, research. there really needs to be a balance both between taxes and spending and then on the spending side between restraining discretionary spending and restraining entitlements which are aimed at today's seniors. >> so many times we've heard talk about generational warfare between old and young. but this is a little bit different. >> right. first of all, there is no -- today there is generational warfare more in the opposite direction. the polls show that young people by and large are willing to pay for entitlements for today's seniors. what's eroded is the willingness of today's senior
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